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Article: Targeted Genetics Reduces Long-Term Cash Obligations Through Conversion of Debt Into Equity.
- Article from:
- PR Newswire
- Article date:
- September 30, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Targeted Genetics announced today that it has converted all of its outstanding convertible debt into equity under a collaborative agreement established in 1999 with Elan Corporation, plc and its affiliates (Elan). Targeted Genetics converted approximately $9.4 million in outstanding loans and interest payable to Elan into approximately 5.2 million shares of restricted and unregistered common stock.
This conversion consists of $2.0 million in debt, borrowed at various dates, into 1.6 million shares of common stock at conversion prices determined at the time of borrowing, and $7.4 million in debt being converted into 3.5 million shares of common stock at a price ...